VANCOUVER, Aug. 8 /CNW/ - eMedia Networks is pleased to announce a new 36-month contract with Vancouver-based lululemon athletica to supply their retail stores with custom foreground music.
About lululemon athletica
Yoga-inspired athletic apparel company, luluemon athletica, provides people with components to live longer, healthier and more fun lives. lululemon believes that by producing products that keep people active and stress free, the world will be a better place. Founded in 1998 in Vancouver, Canada, the first lululemon athletica store was a design room surrounded by a retail store. Feedback from local athletes, yogis and customers who live an active and healthy lifestyle shaped the original products and continues to influence the designs today. lululemon athletica manufactures, distributes and retails through its own stores in Canada, the U.S., Japan and Australia, and wholesales out to other retail locations in North America and internationally.
lululemon athletica announced its initial public offering of 18,200,000 shares on July 27, 2007 at U.S. $18.00 per share and the stock price closed at $37.75 on August 7, 2007 (LULU:NASDAQ). The company will use proceeds from its portion of the sale to double North American locations to about 120 by 2009. It plans to open between 20 and 25 stores in Canada and the U.S. this year, and another 30 to 35 in 2008.
About eMedia Networks
eMedia Networks is Canada's leading supplier of licensed background (or "in store") music played in public spaces. eMedia's client base includes many national retail and restaurant chains including lululemon athletica, Bata Limited, Roots Canada, Le Chateau, Body Shop and International Clothiers. Background music consists of CD quality artist recordings that are played in retail and restaurant establishments and other public venues to enhance and define a client's brand image and as a sales enhancement tool. The Company has annual recurring revenue of about 1.5 million dollars and issued shares totaling 21,610,895.
On behalf of the Board of Directors
(signed)
Darren Reiter
CEO
(signed)
Jasvir Athwal
President & CFO
The TSX Venture Exchange (or any other regulatory authority body) has not
reviewed the foregoing and therefore does not accept responsibility for
the adequacy or accuracy of this release.
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statements." All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the TSX Venture Exchange and the British Columbia Securities
Commission.
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